Please CalPERS, more transparency; TA announces promotions; Parthenon scores big partial exit with Millennium Trust
Can you hear the sobbing, hubsters? That’s the sound Chicago Bears fans make when their hearts are broken. Just joking. No city more than Chicago is used to rising from the ashes of failed expectations. Better luck next year.
Britain has missed out on the boom in big private equity deals because of Brexit uncertainty, The Times is reporting. The value of PE deals in the U.K. was 34 percent lower compared with 2017, at 27.2 billion euros, the story said. Silver Lake’s 2.2 billion pounds ($2.8 billion) buy of Zoopla is the only British buyout to make the EU top 10, The Times said.
The Washington Post has a column from Steven Pearlstein, who wonders if Stephen Schwarzman, co-founder of Blackstone Group, really deserves to make the astronomical amounts that he does. Schwarzman took home a $786.5 million payday from BX last year. It was a big check but not out of line with previous years, Pearlstein said. Hubsters, does Schwarzman really deserve such extraordinary sums? Should anyone make such a huge amount? Why or why not? Email me at email@example.com
Deals: Good things really do come to those who wait. Just considerParthenon Capital Partners, which has been expected to sell Millennium Trust Co every year since it bought the company back in 2015. Parthenon’s partial sale of Millennium Trust, a 401(k) administrator, was expected to go big and it didn’t disappoint. Abry announced Friday that it was investing in Millennium Trust.
One GP said the mammoth sale is the result of the M&A market’s “crazy stupid valuations.” “Eight months ago [Parthenon] could not get $700 million” for Millennium, the source said.
“Stunning,” another GP said.
Find out how much Millennium Trust went for here.
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